[dsego]

It's not like it's unheard of, but it doesn't fill the pockets of the selected elite.

There are worker cooperatives: https://en.wikipedia.org/wiki/Worker_cooperative

Workers' self management: https://en.wikipedia.org/wiki/Workers%27_self-management

And serious economists who advocate for such a system: https://en.wikipedia.org/wiki/Branko_Horvat